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OBR forecasts

UK
  • OBR forecast for UK inflation 9.1% this year, 7.4% next year.
  • "This year, we are forecast to borrow 7.1% of GDP or £177bn; next year, 5.5% of GDP or £140bn; then by 2027-28, it falls to 2.4% of GDP or £69bn. As a result, underlying debt as a percentage of GDP starts to fall from a peak of 97.6% of GDP in 2025-26 to 97.3% in 2027-28."
  • "I also confirm two new fiscal rules:
  • the first is that underlying debt must fall as a percentage of GDP by the fifth year of a rolling five-year period.
  • The second, that public sector borrowing, over the same period, must be below 3% of GDP.
  • The plan I’m announcing today meets both rules. Today’s statement delivers a consolidation of £55bn and means inflation and interest rates end up significantly lower."
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